TPG Real Estate has closed its latest opportunistic real estate equity fund, TPG Real Estate Partners IV (TREP IV), with more than $6,8 billion of total commitments.
The fund was oversubscribed, hitting its hard cap.
TREP IV was formed as a continuation of TPG Real Estate(TPGRE)’s opportunistic real estate fund series.
Its strategy focuses on thematic investing primarily in property‐rich platforms and strategic portfolio aggregations in the US and Europe.
Since inception, TPGRE has invested and committed approximately $9.1 billion of equity in line with this strategy.
“We are grateful for the ongoing support of our investors, who have shown their trust in our strategy of building a differentiated real estate investing business,” said Kelvin Davis, Partner and Co-Head of TPG Real Estate.
“We are focused on investing behind themes backed by either long term secular trends or dislocations caused by capital market volatility. With the close of this fund, we have more dry powder than at any other time in TPGRE’s history,” said Avi Banyasz, Partner and Co-Head of TPG Real Estate.
“This fundraise incorporates the support of both new and old partners for TPGRE, and we look forward to continuing to invest this capital to drive value for our investors,” said Erin Nemser, Partner and Head of TPG Real Estate Capital Formation.
In addition to TPG Real Estate Partners (TREP), TPGRE manages TPG Thematic Advantage Core-Plus (TAC+), which pursues thematic real estate investments in the US with stabilized tenancy and enduring cash flow. TAC+ had its final closing earlier in 2022 at its hard cap of approximately $1.8B.